The brand strategies which Toyota May Adopt to improve tarnished brand Essay - 1

The brand strategies which Toyota May Adopt to improve tarnished brand image - Essay Example In the end the individuals were asked about their opinions and views regarding Toyota’s recall process and the reasons associated with this critical situation. According to them their perceived quality of Toyota as a brand has decreased and they are unhappy to pay the same amount of money which Toyota is actually asking because they should be aware that their brand quality has been tarnished and needs improvement. Most of the security concerned individuals stated that they will altogether stop buying Toyota’s products as they are outsourcing most of their automobile manufacturing. Hence it is evident that the higher management must put more effort in building up to quality and service to reposition their tarnished image in the minds of their customers. 69 Chapter 5 70 Recommendations 70 Conclusion 75 Appendix 90 Introduction The modern age of business can be defined as age of competition. The competition within an industry is gradually increasing with the expansion of b usiness as many new players are entering into the market. There are several reasons behind this intensifying competition. Firstly, globalisation is one of the primary reasons for expansion of trade and business that lead to increase competition. Many business organisations have found greater opportunities in overseas market, and free trade policies and agreements between multiple countries facilitated their market expansion programs. The domestic markets have turned into global markets that heightened competition rivalry among existing domestic and new multinational enterprises. Since last two decades, the society has been experiencing a rapid technological improvement. The technological advancements have led to change the structure of entire trade and business. The management tasks and operational process are now backed with technology like e-commerce and e-business. A better grip of technological advancement helps a business organisation to gain an upper hand position. Finally, en hancing economic condition of consumers and increasing their disposable income have strengthened their purchasing power. This has also changed their consumer buying behaviours and they have developed their specific brand preferences (Vashisht, 2005, p.68). In the modern and competitive business world, business organisations always try to position itself in market for avoiding unnecessary competitions. In this process they aim to achieve strong competitive advantages and core competencies that enable them to gain upper hand position in the market. There are multiple ways to achieve competitive advantages; however, brand development is the most preferred way for creating high business value (John R. Schermerhorn, Jr, 2010). The American Marketing Association (AMA) describes a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers. About. com Marketing Guide further explains that the objective of branding is not just to project yourself as being better than your